The Algorand blockchain has vast solutions and numerous use cases. You can read my previous article on Algorand business applications if you are interested. In this article, we will discuss how existing modern ventures are using the Algorand blockchain to solve business needs and from these real examples, we can get some idea of how to use Algorand for other ventures. Modern ventures need a smart and modern solution and Algorand is shwoing to be a great partner option.
Realio used ASA( Algorand Standard Assets) for Asset Tokenization and Issuance
Realio is a modern venture that allows you to issue, invest, and trade real assets digitally. Realio platform works with so many asset classes, but the major focus of Realio is tokenization of real estate private equity. Realio uses the ASA (Algorand Standard Assets) to tokenize real assets
ASA is a feature of Algorand 2.0 where you can issue standard blockchain assets directly in Layer-1 of the Algorand blockchain. Further information on ASAs are covered in this article. Derek S. Boirun, Chief Executive Officer of Realio, shared in an AMA the reason they selected the Algorand blockchain to tokenize real assets was because in ASAs there are multiple levels of flexible control that work toward the benefit of both issuers and token holders. Algorand is also developing some very exciting technology such as co-chains and clarity which will support hybrid assets.
AssetBlock gives real estate investors an option to invest using Algo
AssetBlock is not like Realio because AssetBlock as it doesn't deal with a various class of assets. Rather, it only deals with real estate.You can invest in a real estate with AssetBlock through Algo tokens.
AssetBlock uses Algorand blockchain because it helps AssetBlock to democratize investments by removing global barriers to entry, supply liquidity, and efficiently brings investors together. Algorand also provides top security and compliance. As we know, Algorand supports a borderless economy. Algo coins can be used to invest in real estate with AssetBlock from any corner of the world. It doesn't require a middleman and because AssetBlock uses the Algorand blockchain you reap the benefits of speed (efficient transactions), scalability, and transparency.
Attestiva Uses Algorand Blockchain For Fraud Prevention
Attestiv is a modern venture which uses patent-pending AI technology to give protection and authenticity to digital media. Because of fraudulent claims, it costs the insurance industry $40 billion in the US alone each year. Attestiv will introduce AI technology which prevents fraud from the get-go by validating images and documents reducing risk.
When you use Attestiv to protect and authenticate your digital media, it becomes tamper-proof by a "fingerprinting" at the time of media capture. If someone tries to tamper with the media in the future they can't change its ownership. Attestive selected Algorand because it solves the blockchain trilemma and provides cost-savings that meets with the needs of Attestive's users.
PlanetWatch using Algorand Blockchain to monitor and store air quality index
PlanetWatch is a new high-tech French startup that decentralizes, incentivizes, and gamifies environmental monitoring. PlanetWatch will create low-cost air index monitoring networks with Planetwatch building the ledger for historical air quality data.
PlanetWatch created PLANET token on the Algorand blockchain to incentivize environmental monitoring and PlanetWatch uses Algorand to store everyday air quality data. Steam data to PlanetWatch and help build the first immutable air quality data ledger in the world.
Verady doing accounting with Algorand blockchain
Traditional tax and accounting systems were not built for cryptocurrency.
Varady's Ledgible platform brings all of your digital assets into a single view that stays up to date and integrates with the systems you already use. Varady will use the Algorand blockchain for accounting by integrating Algo with the Ledgible platform. All holders of the native token of the Algorand platform can do easy accounting.
SIAE using Algorand to manage the copyright on blockchain
As the digital era grows, copyright management is difficult and traditional companies are facing difficulties in copyright management. An Italian company called SIAE, a public economic institution is using Algorand blockchain for collective copyright management.
SIAE selected the Algorand blockchain for copyright management because as we know Algorand uses a pure proof-of-stake (PPoS) protocol. Algorand’s pure proof-of-stake (PPoS) protocol guarantees decentralization, scalability, and security, making it particularly suitable for reliable management of all metadata and transactions necessary for proper rights management.
Meld is using Algorand to transform gold into digital asset
Previously, we outlined how Algorand helped Realio to digitize distinct classes of assets. Algorand has partnered with Australian tech company named Meld to transform gold into a digital asset so that as a digital asset gold can be easily tradeable.
The key benefits of the Algorand-powered Meld system are: Efficiency, Transparency, and Accessibility.
OTOY using Algorand blockchain to democratizing high-end GPU rendering
The demand for computer-generated imagery (CGI) is growing day by day. As the quality of computer-generated imagery (CGI) grows, it needs a powerful GPU to render the image/job. Most do not have a powerful GPU which means you can't instantly update your GPU to render an image.
OTOY is a cloud graphics company that wants to create a Render Network (RNDR) on the cloud using Algorand to provide an efficient and scalable GPU cloud rendering network. OTOY is creating a Render Network to connect users looking to perform render jobs with people who have weak GPUs to process the renders. You can connect your powerful GPU to Render Network to get render jobs and it will do all the deals using RNDR tokens.
OTOY selected the Algorand blockchain to create that Render Network. Algorand can globalize the OTOY platform and provide scale. The Render Network enables a normal artist to do high-class computer-generated imagery (CGI) and earn passive income.
This was previously only really available to big studios with a powerful GPU.
I created this article for those people who think the Algorand blockchain has no use case and the ventures who aren't able to think about how blockchain can help to grow their business. From the outlined use-cases we get a sense of how Algorand helps many ventures and shown examples of how you could use the Algorand blockchain for your business.
Name- Jitendra Naik
Email- [email protected]